Dejour Underscores Piceance Operations

Dejour has announced the following updates:

Gibson Gulch

A preliminary resource evaluation from Norwest Corporation on Dejour’s 2610 gross acres (2088 net) in the Gibson Gulch prospect has recently been completed. The evaluation effective January 15, 2009 defines the likely distribution oil and gas resource in this prospect. In conclusion Norwest estimates that gross Prospective Resources under Dejours acreage to range from a low estimate of 104 billion cube feet equivalent (Bcfe) (84 Bcfe net) to a high estimate of 392 Bcfe (302 Bcfe net) with a most likely estimate of 209(Bcfe) (167Bcfe net). The low, most likely, and high estimates are identified as follows:

  • There should be at least a 90% probability (P90) that the quantities actually recovered will equal or exceed the low estimate.
  • There should be at least a 50% probability (P50) that the quantities recovered will equal or exceed the most likely estimate.
  • There should be at least a 10% probability (P10) that the quantities recovered will equal or exceed the high estimate.


As noted in the November 17, 2008 press release, Dejour announced a joint venture agreement with Laramie Energy ll LLC, The joint venture agreement entails Laramie will have the right to earn 55% of the 22,000 gross acres (15,700 net acres) Rangely prospect by completing at least four commercially productive wells. This project is proceeding on schedule. The final drilling locations have been chosen and are currently applying for permits. Drilling is expected in Q3/09.

Hal Blacker reported, "We are very pleased that the Rangely project is moving ahead on schedule despite the overall downturn in industry activity. We are also very encouraged that in the current economic environment the resource assessment of our Gibson Gulch Prospect has been increased. These numbers reflect the quality of the leases in this prospect and the impact on our leases of development activities on nearby leases in 2008. We will continue to move cautiously in this environment while evaluating different options to maximize the value of our Gibson Gulch Prospect."

Harrison Blacker, MS Eng., is the qualified person for this report. Prospective resources are those quantities of petroleum estimated, as of a given date, to be potentially recoverable from undiscovered accumulations by application of future development projects. Prospective resources have both an associated chance of discovery and a chance of development. There is no certainty that any portion of the resources will be discovered. If discovered, there is no certainty that it will be commercially viable to produce any portion of the resources.